5 Strategies To Reduce Your Car Insurance Premiums
Your latest car insurance bill has arrived and it is not a
pretty site. In fact, it is downright ugly! What can you do?
Must you remain hostage to the ever spiraling rate increases
foisted upon you when your policy renews? In a word, no. Let's
examine five strategies you can practice today to help reduce
your car insurance premiums immediately.
1. Shop For A New Policy. Even with "loyalty discounts"
in place, many consumers will find that a competing company will
offer significant savings over your current plan. This
especially holds true if your state recently opened up the
market to invite more competition in.
2. Change Your Coverage. If your vehicle is old, you many
want to consider dropping collision coverage. Your comprehensive
coverage may also be due for reexamination. Finally, make sure
that there aren't duplicate costs included such as towing
insurance if already offered through your automobile club.
3. Family Status. You may be paying more for your
insurance if your policy shows that you are single when, in
fact, you were recently married. Rates are generally lowered for
married folks as well as those over a certain age.
4. Up Your Deductible. You can realize instant savings by
raising the deductible you are willing to pay. Maybe you don't
need a $200 collision deductible when $500 is sufficient.
5. Get Security Discounts. If you park your car in a
locked garage and/or have an alarm system installed make sure
that your insurer is aware of this as your premium will be
adjusted downward.
In many cases you can also save on car insurance by bundling it
with your homeowners insurance. Finally, talk with your broker
to see whatever other measures you can take to realize
additional savings.